Bank of America related stories
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Merrill veteran to head BofA private equityBank of America has made 14-year Merrill veteran James Forbes the head of its private equity and real estate business, which includes Merrill Lynch’s $5bn to $6bn private equity division.
- Aleris gets $1bn bankruptcy loan
The insolvent maker of aluminium products received court approval for a $1.075bn bankruptcy financing package despite objections from various lenders, including its owner TPG, and lenders Babson Capital and GSC Group.
- TPG objects to $1bn Aleris bankruptcy financing
TPG’s objection comes after Babson Capital and GSC said the proposed bankruptcy financing is unfair to first-lien lenders who do not participate in the financing package.
- Allied Capital reports $1bn in losses
Allied’s audit firm expressed ‘substantial doubt’ about the ability of the firm to continue as a going concern.
- KKR Financial records $1.1bn loss for 2008
The publicly listed debt affiliate of Kohlberg Kravis Roberts has suspended its dividend to shareholders through 2009 as it tries to bolster its liquidity.
- Allied Capital defaults on more than $1bn in debt
The publicly listed company is in discussions with its lenders and noteholders seeking relief from covenants on its debt.
- Ho Ching to leave Temasek
The wife of Singapore’s prime minister will in October cease leading Temasek, which has come under fire for financial services over-exposure. The sovereign fund and avid private equity player will be led by ex-BHP Billiton chief executive Chip Goodyear, a succession that has been planned for 'more than a year'.
- Real estate companies launch $100m foreclosure-focused fund
A mortgage company has teamed with a title company to launch First Equity Capital, a fund ‘to stem the tide of foreclosures and delinquencies’ in the US housing market. In December, more than 300,000 home owners filed foreclosure in the US.
- Flowers sees Shinsei-style deals across US
The head of JC Flowers told a packed New York conference last week that he is bullish on US government-assisted bank bailouts, similar in risk profile to the landmark takeover of Japan’s Shinsei bank, which turned into one of the most lucrative private equity deals in history and solidified Flowers’ reputation as a financial-services wizard.
- Thain departure leaves BoA’s private equity arm in limbo
The fate of the bank’s recently created private equity and global investment management division is unknown as the division’s first leader, Brian Moynihan, takes the reins of the merged company’s global banking and global wealth and investment management division.